First Time Buyer Stamp Duty Savings

First time buyers purchasing their first home for £300,000 or less will pay no SDLT

In the Budget on 22 November 2017, the Chancellor of the Exchequer announced a relief from stamp duty land tax (SDLT) for first time buyers.

The relief will apply from 22 November 2017 to purchases of residential property for £500,000 or less, provided the purchaser intends to occupy the property as their only or main residence.

First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.

The relief will apply to purchases in England, Wales and Northern Ireland.

The relief applies where

  • there is a purchase of a single dwelling,
  • the purchase price is not more than £500,000,
  • the purchaser or, if there is more than one, each of them, is an individual,
  • the purchaser or, if there is more than one, each of them, is a first time buyer, who intends to occupy the dwelling as their only or main residence,
  • the effective date of the transaction is on or after 22 November 2017

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